The bank aims to tackle the issue of climate change more effectively, which is a significant challenge for global organizations.
The board confirmed its decision to approve 63-year-old Banga’s leadership for a five-year term, and the organization has expressed excitement to work with him as it moves forward with its World Bank Group Evolution plan.
The Indian-born American business executive will begin his role on June 2, taking over from David Malpass.
Banga’s appointment comes at a time when the World Bank is facing significant changes as it transitions from being a traditional lending institution to a more flexible and diverse organization.
The bank’s leadership believes that Banga’s extensive experience in global business will be invaluable as it moves forward with its transformation.
In a statement released after the board’s decision, the World Bank expressed its confidence in Banga’s ability to lead the organization through this period of change successfully.
The board looks forward to collaborating with him to ensure that the bank can tackle climate change effectively and meet the growing needs of developing countries.
Banga is no stranger to managing complex organizations. He was the Executive Chairman of Mastercard, a global payment solutions company that operates in over 210 countries.
During his tenure at Mastercard, Banga has been instrumental in expanding the company’s reach and has spearheaded its digital transformation.
On December 31, 2021, he stepped down from his post and joined General Atlantic.
He currently serves as the chairman of Exor, an investment holding company headquartered in the Netherlands.
Additionally, he is the chairman of the Partnership for Central America, which is a public-private partnership with US Vice President Kamala Harris.
Banga has spoken publicly about his passion for climate change and the need for urgent action to address this critical issue.
He has emphasized the importance of working collaboratively to find sustainable solutions that can benefit everyone.
The World Bank has been at the forefront of global development efforts for decades, providing financial support and guidance to developing countries.
However, as the world faces new and complex challenges, the organization have vowed to adapt and evolve to remain relevant.